Sell Mangalore Refinery and Petrochemicals; target of Rs 106: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Mangalore Refinery and Petrochemicals

Mangalore Refinery & Petrochemicals (MRPL) reported lower than estimated EBITDA at Rs11.8 bn (down 47% QoQ, PLe: Rs13.7 bn). PAT came in at Rs 3.9 bn (down 63% QoQ, PLe: Rs5.7 bn). The company reported lower than expected GRMs at US$5/bbl. The stock is currently trading at 8.3/7.8x FY25/26E EV/EBITDA. Although Singapore GRM has increased in Q4-TD, concerns persist on the sustainability of strong GRMs in the long term amidst demand concerns.

Outlook

Thus, we factor in a GRM of US$10/6/6/bbl for FY24/25/26E. Maintain ‘Sell’ rating with TP of Rs 106 (TP unchanged) based on 5x FY26 EV/EBITDA.

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Mangalore Refinery & - 23012024 - prabhu